ITR Filing 2026: Everything You Need to Know About New Rules and Slabs
If you are a salaried professional or a business owner, preparing for ITR filing 2026 should be at the top of your list. The financial year 2025-26 has brought some of the most taxpayer-friendly changes in recent years. From a higher standard deduction to revised tax slabs, the government has made the New Tax Regime much more attractive.
In this guide, we will break down the latest updates so you can file your taxes without any errors.
1. New Tax Slabs for FY 2025-26 (AY 2026-27)
Under the New Tax Regime, the exemption limit has been increased. Now, you don’t have to pay any tax if your taxable income is up to ₹4,00,000.
| Income Range (INR) | Tax Rate |
| Up to 4,00,000 | NIL |
| 4,00,001 – 8,00,000 | 5% |
| 8,00,001 – 12,00,000 | 10% |
| 12,00,001 – 16,00,000 | 15% |
| 16,00,001 – 20,00,000 | 20% |
| 20,00,001 – 24,00,000 | 25% |
| Above 24,00,000 | 30% |
2. The ₹12.75 Lakh Tax-Free Limit Explained
This is the biggest highlight of ITR filing 2026.
- Standard Deduction: For salaried individuals, the standard deduction has been increased to ₹75,000.
- Tax Rebate: Under the new rules, if your total income (after the standard deduction) is up to ₹12 lakh, you get a full tax rebate.
- Effective Limit: This means a salaried person earning up to ₹12,75,000 will pay Zero Tax in the New Regime!
3. Important Deadlines to Remember
Missing the deadline for ITR filing 2026 can lead to heavy penalties.
- For Salaried/Non-Audit Cases: July 31, 2026.
- For Audit Cases (Businesses): October 31, 2026.
- Belated/Revised Return: December 31, 2026.
- Penalty: If you miss the July deadline, you may have to pay a late fee of up to ₹5,000.
4. Which ITR Form Should You Choose?
Choosing the right form is essential to avoid a “Defective Return” notice.
- ITR-1 (Sahaj): For resident individuals with a total income up to ₹50 lakh from salary, one house property, and interest.
- ITR-2: For individuals who have capital gains (from shares or property), multiple houses, or foreign income.
- ITR-3/4: For professionals and business owners.
5. Key Documents for Filing
Before you log in to the e-filing portal, keep these documents ready:
- Form 16: Provided by your employer.
- AIS/TIS: Download this from the tax portal to see all your bank interest and share transactions.
- Bank Statements: To verify all sources of income.
- Aadhaar & PAN: Ensure they are linked.
Conclusion
ITR filing 2026 is simpler if you opt for the New Tax Regime, as you don’t need to track multiple investment proofs. However, if you have huge home loans or HRA, the Old Regime might still be beneficial. Always compare both before making a final choice.
Do you have questions about the new ₹12.75 lakh limit? Ask us in the comments, and our experts will help you out!
